Forever 21 believes that India alone can bring in $1 billion of revenue

Forever 21 founder Don Won Chang's demeanor is contrary to the aggressive world of fashion retailing. After two faltering starts in India, the 53-year- old billionaire and chief executive of the chic teen fashion retailer hopes to be third time lucky. Chang has partnered with Aditya Birla Fashion and Retail to have a bigger play in the world's fastest growing economy where Forever 21's rivals Zara and H&M, too, have aggressive plans.

On Tuesday, Birla formalized a deal to clinch a 12-year exclusive online and offline right to the Forever 21 brand in India. This is possibly Birla's most ambitious move in fashion retailing after a surprise entry into the business following the acquisition of Madura Garments in 1999. The American label is expected to give Birla (strong in formal menswear) more heft in womenswear retailing, besides adding muscle to its fledgling e-commerce venture, abof.com, industry experts said.

"We couldn't have got a better partner than Birla to help us in executing our vision of making Forever 21 one of the largest womenswear brands in India," Chang told TOI in his first interview to the Indian media. Comparing the partnership with Birla to a husband-wife relationship, Chang said, "We are known for our merchandise and Birla complements us with its A to Z presence from manufacturing fabrics to retailing apparels."

Chang understands the importance of stable partnerships. He and his wife Jin Sook, originally from South Korea, arrived in the US almost penniless and without college degrees. While working at a petrol station, he noticed that the most expensive cars were driven by fashion retailers, prompting him to start his own clothing store. From one store in Los Angeles, Forever 21 today operates more than 730 stores across 48 countries, with Chang having a net worth of $6 billion.

Birla is taking charge of Forever 21's Indian operations with a plan to accelerate expansion. Forever 21's erstwhile partner DLF operated 12 stores, while Birla hopes to take the count to 20 by the end of the current calendar. India could become one of the top three markets for Forever 21 globally, Chang said, as the chic teen fashion retailer with sprawling ambitions wants the "growing country" to take serious note of it. "India has the potential to become $1-billion market for the brand," he added, as he stopped over in Mumbai for a short visit last week. Forever 21 garners nearly 70% revenue from its home market of US.

Spanish retailer Zara tops the fast fashion charts in India with sales of Rs 721 crore in fiscal 2015. Zara, which has a joint venture with the Tata Group, operates over 16 stores in the country. Swedish giant H&M, a new entrant, currently has six stores with plans to add another six by the end of this year.

Forever 21 reported annual revenue of Rs 262 crore last fiscal, up from Rs 213 crore in the previous year and Rs 105 crore in FY14. Forever 21 has replicated its hugely successful global model in India -- by designing affordable, latest fashion wear and making them available to shoppers in double-check time. If a new style comes to play, then the same will be available in India almost the same time it is available elsewhere. And if a new fashion fails to click, then it will go off the shelves from all the Forever 21 stores. The products have the same price tag in India as in US, except for taxes, which differ according to the respective markets.